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    Gold rate falls as traders book profits amid rise in equities

    Synopsis

    Globally, gold held steady above the psychological level of $1,800/ounce as concerns about rising coronavirus cases and lingering Sino-U.S. tensions countered optimism over promising early data for a potential COVID-19 vaccine.

    Reuters
    Globally, gold held steady above the psychological level of $1,800/ounce as concerns about rising coronavirus cases and lingering Sino-U.S. tensions countered optimism over promising early data for a potential COVID-19 vaccine.

    Commodity Summary

    MCX
    NEW DELHI: Gold and silver continued their slide as traders preferred to book profits on Thursday given the upward momentum in equities that is rising on optimism over a successful COVID-19 vaccine trial.

    Meanwhile, total COVID-19 patient count in India topped 9.7 lakh, the third highest in the world, with over 24,900 deaths. Due to this many states have increased restrictions on businesses and movement, threatening economic recovery.

    Gold futures were down 0.08 per cent or Rs 39 at Rs 49,120 per 10 grams. Silver futures dipped 0.13 per cent or Rs 68 to Rs 52,990 per kg.

    Gold Rates - Spot & Futures (.995 purity) (MCX)

    DateGold Spot Price
    Rs/10 grms (AHMEDABAD)
    Gold Future Price
    Rs/10 grms Expiry: 05-Aug-2020
    03-08-20205361554025
    27-07-20205226052181
    24-07-20205096051010
    21-07-20204926449545
    20-07-20204911849015
    17-07-20204894248974
    16-07-20204907748777
    13-07-20204914049138
    10-07-20204914348875
    06-07-20204816848207
    03-07-20204822748050


    Gold jumped Rs 244 to Rs 50,230 per 10 gram in the national capital on Wednesday following a rally in international price, according to HDFC Securities. Silver also witnessed buying as it rose by Rs 673 to Rs 54,200 per kg

    Globally, gold held steady above the psychological level of $1,800/ounce as concerns about rising coronavirus cases and lingering Sino-U.S. tensions countered optimism over promising early data for a potential coronavirus vaccine.

    Spot gold was little changed at $1,810.33 per ounce by 0045 GMT. US gold futures were mostly unchanged at $1,814.20.

    Market participants now await China's second-quarter GDP data due later in the day, along with June factory output, retail sales and fixed-asset investment.

    A Reuters poll showed analysts expect China to report 2.5 per cent economic growth, reversing a 6.8 per cent first-quarter decline driven by the pandemic.

    Palladium rose 0.4 per cent to $1,989.24 per ounce, while platinum lost 0.6 per cent to $827.41 and silver fell 0.1 per cent to $19.36.
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